Mastercard was a new investor in the latest round, along with other first-time investors Proof Ventures, Trestle and Espresso Capital, which brought Teampay’s total funding to $65m
Teampay, an all-in-one purchasing platform, has raised $47m in series B funding, led by existing investor Fin Venture Capital.
Its latest round of funding will be used to expand its partnership with Mastercard to accelerate its go-to-market strategy and to grow its workforce.
Last year, the US fintech announced Catalyst, a premium digital corporate card aimed at executives and powered by Mastercard’s network.
Mastercard was a new investor in the latest round, along with other first-time investors Proof Ventures, Trestle and Espresso Capital, which brought Teampay’s total funding to $65m.
Sherri Haymond, executive vice president of digital partnerships at Mastercard, said: “Teampay’s dynamic approach to enhancing the purchasing process for corporate customers continues to excite us, and we look forward to accelerating this stage of growth with our integrated products, services and capabilities.”
Since launching 2017, Teamplay has focused on serving high-growth companies and scaling to meet their global needs.
Peter Ackerson of Fin Venture Capital said: “As corporate finance departments continue to modernise their processes to better reflect the way work gets done today, we see considerable opportunity in the growing spend management space.”
Andrew Hoag, chief executive officer and founder of Teampay, added: “With this latest funding, we will continue to capture the market with our best-in-class solutions for company spend, while also growing our enterprise offering to match demand.”